PRINCIPLES AND PRACTICES OF BUSINESS MANAGEMENT
INTRODUCTION:-
Every human
being is involved in one or other activity. The activities may be economic,
social and political. In order to undertake these, organizations are needed.
The business organizations are created to undertake economic activities
systematically. Sole trading concern, partnership firm, co-operative society,
companies, are different kinds of business organisations. The scarce economic
resources are used either to produce goods or to render services. These
organizations affect human lives in many ways.
Though all are different in
their structure, functioning and approaches, they have to achieve their
objectives through co-ordinated efforts. The factors are to be managed on
scientific lines.
The management
facilitates the smooth performance of the activities of organisation in a
systematic manner. In this module, you learn about the management concept and
its related areas.
MEANING-
The
term 'management' is meant different
to different people. As the views are different, the meaning gets changed
accordingly. The precise definition is difficult. Management practitioners
treat it as a process. Economists view it as a factor of production; socialists
regard it as a group of person. Modern people consider it as a profession.
As
it is generally accepted, management is what a manager does, which is just like
definition of money which goes as money is what money does.
Hence,
it is basically related to ideas, things and people. There are number of definitions
about management but none is universally accepted.
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| Business Management |
The following
are some of the definitions.
DEFINITION-
Mc Farland: "Management is defined for
conceptual, theoretical and analytical purpose as that process by which its
managers create, direct, maintain and operate purposive organisation through
systematic, co-ordinated, co-operative human effort."
George R Terry- “Management
is a distinct process consisting of planning,
organisation, actuating, and controlling performance
to determine and accomplish the objectives
by the use of people and resources.
Harold Koontz- "Management
is an art of getting things done through
and with people in formally organisation groups.”
M.C. Niles- "Good
management or scientific management achieves
a social objective with the best use of human
and material energy and time, and with satisfaction
for the participants and the public."
J.N. Schulze : "Management
is the force which leads. Guides and
directs an organisation in the accomplishment of
pre-determined object.
L.A. Appley- "Management
is the development of people and not
the direction of things. It is personal administration".
Peter Drucker- "Management
is the multi-purpose organ that manages
a business and manages managers and manages
worker and work.
The above definitions
view management in different angles. The following factors are suggested by
definition.
- Management is the sum total of the activities performed
by a manager in an organisation. The activities change according to the
nature of organisation.
- Management is considered as an art. The art is related
to getting things done through others. As there are number of tasks in all
organisation, all cannot be performed by an individual.
- The assistance of other people is needed. From others
the work should be undertaken.
- Management means the economic utilizations of available
resources. The resources are scarce and can be applied to vivid purposes.
The management suggests ways and means of rational application of
resources.
- Management is considered as a guiding force behind all
the functions. Through this, it encourages executive leadership. The organisation
is carried on effectively under the guideship of the executive force.
- Management has a human face. It not only concentrates
on production of best quality goods and services, but also develops human
beings. These people in turn produce products and services
- Management is a process. It is a continuous activity in
which inputs are converted into outputs. It is also a transformation
activity. The business organisation is justified when it produces goods
and services to satisfy human wants.
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